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Trucks, SUVs drive U.S. October new vehicle sales

DETROIT — Major automakers posted mixed U.S. new vehicle sales in October on Wednesday, though America's love affair with high-margin pickup trucks and SUVs remained in full bloom as larger, pricier vehicles fared better than passenger cars. Auto industry publication WardsAuto put the seasonally-adjusted annualized rate (SAAR) for light vehicle sales in October at a robust level of 18 million units. But after a long boom cycle, carmakers are still ill-prepared for the slight decline in sales anticipated for full-year 2017 and have taken too few steps to trim production, said Doug Mehl, a partner in consultancy A.T. Kearney's automotive practice. "When you make a new vehicle, you have volume assumptions tagged to it, and who wants to be the guy who says, 'I'm going to make less of this really cool model'?" Mehl said. "But eventually the market is the reality, and it's going to force companies one way or other here." General Motors GM reported a sales drop of 2.2 percent for the month, with consumer sales down 6.6 percent. But sales of high-margin pickup trucks, sport utility vehicles and crossovers all rose. GM also cut its inventory of unsold vehicles — a source of concern for the market — slightly. The automaker has worked to reduce its volume of excess inventory, including through significant production shutdowns in the third quarter. GM had said its inventory would rise in October. "We are heading into the fourth quarter with good momentum, thanks to a strong U.S. economy and very strong pickup and crossover sales," said Kurt McNeil, GM vice president for U.S. sales operations. GM slightly reduced consumer discounts as a percentage of average transaction prices to 13.5 percent, from 13.7 percent in the third quarter. Industry experts believe consumer discounts above 10 percent of the average transaction price are unhealthy as they erode resale values and are unsustainable in the long term. Consultants J.D. Power and LMC said last week that based on preliminary October sales numbers, discounts have exceeded 10 percent in 15 of the past 16 months. Ford The U.S. auto industry posted record sales of 17.55 million vehicles in 2016. New sales received a strong boost in September as consumers replaced vehicles damaged in southeast Texas by Hurricane Harvey the previous month. Full-year 2017 sales are expected to be slightly lower than 2016.

2024 Fiat 500e First Drive Review: Reborn EV packs style, plays music out its bumper

MIAMI – It's been hard times for Fiat fans. The brand discontinued its 500 model line after 2019, leaving only the four-door crossover-ized 500X on sale, and while it planned to introduce the replacement for its 500e electric city car around that time, a little pandemic threw a wrench in the works. Now, in 2024, the folks from Turin are finally ready to let Americans taste the Dolce Vita offered by that new 500e. Has the wait been worth it? I went to Miami to find out. As you'd expect, the 2024 Fiat 500e is once again a fully electric city car. Unlike its predecessor (2013-2019), this 500e feels like a more complete EV package than a "compliance car" meant to satisfy regulations in states like California. The "New Fiat 500" has been on sale in Europe since 2020, so while this is a new model for the United States, it's by now a well-established platform. Like the old 500e, the 2024 500e features a front-wheel-drive layout, with a permanent magnet motor providing a whopping 117 horsepower and 162 pound-feet of torque. That motor is paired with a 42-kilowatt-hour battery (around 38 of which is usable, per Fiat engineers) for an EPA-estimated range of 141 with all-season tires. That doesn't sound like a lot – and it isn't – but this isn't a vehicle designed for long road trips or super-commuters. Fiat claims a 0-60 time of 8.5 seconds and a top speed of 94 mph, but I suspect that driving at that speed would be trouser-browningly sketchy. Not that the 500e feels unstable around town (Fiat didn't include any highway driving during my brief stint with the car). It offers the kind of quick, accurate steering and subcompact agility that made the original 500e so much more fun to drive than it needed to be. The steering is light but not overly so and offers a very tight turning circle of just 31.5 feet, making the "Oh wait, there's a parking spot! Get it!" maneuver much easier than it would be in a larger vehicle. While the steering is awesome, the 500e's ride isn't as pleasant. It's not unladen-full-size-truck brutal by any means, but calling it busy over broken city streets feels like a charitable way of putting it. This isn't an expensive car with sophisticated suspension, and, again, given its intended use case, I wouldn't count the ride as a huge point against it. One of the biggest leaps forward from the old 500e to this new version is the addition of DC fast charging capability.

Fiat gives outgoing Ferrari chairman $35M severance package

Luca di Montezemolo may not have wanted to leave Ferrari this way, but don't feel too bad for the departing chairman, because he'll be hitting the ground with a golden parachute so big that he'll never have to work again.
According to the latest reports, Fiat will pay Montezemolo 26.95 million euros (nearly $35 million) in severance pay. A little more than half of that will be paid in a lump sum of 13.71 million euros ($17.7M, equivalent to five times his annual salary) on January 31, 2015, with the rest to be paid within the next 20 years.
The payment is contingent on Montezemolo not going to work for a competitor, so don't expect to see him replacing Stephan Winkelmann at Lamborghini or Wolfgang Dürheimer at Bugatti any time soon. At least not until March 2017. Of course with that much cash on hand, the 67-year-old marquis need never work again, but considering how busy he's used to keeping himself, we'd be surprised if he didn't pop up again somewhere.